Wells Fargo, Raymond James Recruit Morgan Stanley Brokers -- Street Moves

  By Corrie Driebusch 
 

Brokers who managed nearly $600 million in client assets have left Morgan Stanley (MS) in recent weeks to join the employee retail brokerage arms of Wells Fargo & Co. (WFC) and Raymond James Financial Inc. (RJF).

Stephen Besse is now working out of the Walnut Creek, Calif., office of Raymond James & Associates. He most recently managed more than $360 million in client assets and generated annual fees and commissions of $1.35 million for Morgan Stanley, according to a spokeswoman for Raymond James.

Mr. Besse joined Citigroup Inc. (C) in 1994 and remained with its joint venture with Morgan Stanley in 2009, according to Financial Industry Regulatory Authority records. He moved to Raymond James earlier this month.

Separately, a team of brokers managing more than $236 million in client assets have joined Wells Fargo Advisors from Morgan Stanley Wealth Management, according to the team's new firm.

The Long Island-based Lev Sher Group began working at the Woodbury, N.Y., branch of Wells Fargo Advisors last Friday. The team includes Norman Lev, Glen Sher and Michael Jeshiva. All previously worked for Morgan Stanley Wealth Management.

Messrs. Lev and Sher joined Morgan Stanley in 2005, and Mr. Jeshiva joined the firm in 1996, according to Finra records.

A spokeswoman for Morgan Stanley confirmed the brokers have left the firm but declined to provide any additional comment.

(Street Moves chronicles the migration of executives on Wall Street, with a particular emphasis on financial advisers with more than $1 million in annual production and those who manage more than $100 million in client assets.)

Write to Corrie Driebusch at [e-mail]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires